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How divorce impacts a person's finances

A divorce may cause emotional pain, and for women in Texas, the financial ramifications may be even more significant. This is because the typical woman makes 81% of what a typical man makes in a given year. Furthermore, women are more likely than men to obtain custody of their children. However, there are steps that individuals of either gender can take to ensure that they are as financial secure as possible before, during and after a divorce.

Pros and cons of a strategic divorce

Some couples in Texas might wonder whether they would benefit from what is sometimes called a "strategic divorce." In a strategic divorce, a couple splits on paper in order to save on taxes or to help one spouse qualify for Medicaid. A divorce could also mean that there is more financial aid available for a child's college education. However, there are a number of potential drawbacks.

Keeping the home in a divorce

Dividing property in a divorce is rarely a simple process, and dealing with a house is no exception. If one person in Texas plans to buy out a spouse and keep the home, there are several considerations to keep in mind.

Coping with common financial challenges after a divorce

Ending a Texas marriage usually results in financial challenges as former spouses rebuild their individual lives. People who once shared incomes and expenses must live off single incomes while sometimes paying debts and new expenses like child support. Careful budgeting and lifestyle adjustments typically help people make the transition, but they must give particular attention to health insurance, tax filing status and building credit.

There are a few living options during a divorce

When a Texas couple is going through a divorce, there are still questions that remain. One of the major things that still needs to be decided is where to live during the process. This is a matter of emotional, financial and practical balance. The three primary options for most people are to stay in the family home, buy a new one or rent a place to live.

Warning signs for hidden assets during a divorce

Texas couples who were once brought together over a deep romantic connection may find that their relationship turns sour over the years, leading to bitterness and even hatred. In some cases, this can manifest in bitter fights during a divorce. Spouses may battle over their wealth and assets, with each party making a case for why he or she deserves more. These battles may be especially pronounced for couples who have accumulated a significant amount of wealth over time. Unfortunately, a drawn-out process can deplete the wealth held by both parties. However, some spouses may resort to unethical methods in an attempt to claim a greater share of property in the divorce.

Researchers find many divorces happen for emotional reasons

Among the main reasons that some Texas coupled are getting a divorce are a lack of communication, a decline in trust or simply growing apart. These were among the reasons cited in a study that appeared in the Journal of Sex & Marital Therapy, prompting researchers to speculate that people are increasingly seeking emotional fulfillment in marriage. In fact, they point out that emotional and psychological reasons may have overtaken behavioral reasons, such as addiction, in prompting divorce.

How to approach social media in a divorce

People in Texas who spend more time on social media might have unhappier marriages. This was the finding of a Boston University study that found a link between social media usage and the quality of marriages. While married and even when contemplating divorce, people should avoid posting negative things about a spouse online. They may want to consider reviewing past posts and privacy settings. They may also want to remove people from the contacts list who are likely to cause problems.

Child support payments: every state has its own laws

In Texas and across the United States, divorced parents do not always make the same child support payments. In fact, payments vary sharply depending on the state in which the divorced parent resides. For instance, a parent living in one of the Rocky Mountain states pays the lowest child support payments. However, a parent living in the Northeast pays the highest payments. Furthermore, some state laws do not count the divorced mother's income. Child support payments are $100 higher in these states.

Choosing to dissolve the business during a divorce

Running a business as a married couple is no walk in the park. Owning and running a Texas business can be extremely stressful, even if the business is successful. However, trying to run a successful business while the marriage is falling apart can be even more frustrating, especially if the former couple can no longer work together amicably. At this point, former couples may have to decide if they can continue to run the business together or if one person needs to leave.